kailey: coming up on "bloomberg best," the stories that shaped the week in business around the world. the u.s. and china show off a shiny trade deal. let's see what is under the hood. >> a lot of tariffs will remain in place. >> the trade issues with china will go on for years. not months, but years. >> after a landslide electoral win, boris johnson puts the risk of a no deal brexit back on the table. >> his big election win, we will not see amy imagined -- a new reimagined boris. >> a new heavyweight in the auto industry. >> the consolidation is there, especially now. >> the rates are held, but

swedish's central bank is egative territory. >> possible for us to go to zero. this episode is over. >> the house takes a historic vote to impeach president trump. >> karl 2 is adopted. >> this is an incredibly divided time in congress. >> as 2019 comes to a close, investors share a perspective on the state of the global economy. >> the growth trend is in place for 2020. >> you really do have too much money piled into yielding assets. >> i think what we're doing is borrowing from the future and will end badly. >> it's all straight ahead on "bloomberg's best."

hello and welcome. this is "bloomberg best." interviews and analogies around the world. let's start with a day by day look at the top headlines. investors began the week in a risk on mood thanks to a dose of positive news on the trade front. >> the u.s. and china reaching the must anticipated phase one of the trade deal. the two sides expected to release the full agreement in early january. the deal involve as reduction in tariffs in exchange for more chinese purchase of american farm goods as well as commitments on intellectual transfers. is this phase 1 a success? >> what is interesting is we're seeing a lot of people called doves who had been hoping for something more substantive in terms of a result from the tariffs and the trade wars

we've seen over the last two years but people we're seeing quiet right now are the china hawks essentially because they're quite happy because a lot of tariffs will remain in place. we have a deal that parks the trade war where it is but we need to remember where that is and that's still a lot of tariffs in place. >> just when traders thought u.k. politics this stabilized, boris johnson said he wants to create a new brexit deal. the leader who has returned from an election for a stronger mandate wants to change the law to ensure no more brexit extensions. sterling has lost most of its post election personalization. a no-deal is back on the table because boris johnson doesn't want a delay. >> certainly the door has been opened again a tiny bit at least to a no-deal brexit. boris johnson is showing that despite his big election win we won't see a new reimagined softer boris but the same old boris in this administration which is he'll drive a hard bargain and what he's saying to the europeans, i'm not going to

be willing to entertain a extension so don't think we can drag this out to november and december and tell us we need an extension and we give that to you. i'm going to put it in the law to say we can't and if we don't have a deal by the end of next year, we're going out anyway. it's him setting up his negotiating tactics ahead of time before these talks start in february for the transitional arrangement beyond the end of next year. >> more details are emerging on how china would increase imports from the u.s. by as much as $200 billion under the phase 1 trade deal announced last week. it is an ambitious target. what do we know about how far china is prepared to go, what steps it will try to take to meet that target. >> it's a very ambitious target. in 2017 china bought about $24 billion of agricultural goods. that's been a big focus for president trump. supposedly china has pledged to get to $50 billion. that's a big jump. we're starting to see some of the details. one thing is ethanol.

china wants to clean up the environment so it's going to be increasing the amount of ethanol that it adds to gasoline sold in the country. that's one thing china will buy more of. another thing is there is about $10 billion of goods that are routed through hong kong into china from the u.s. it looks like the chinese government is looking at ways of rerouting that so it counts as directly u.s. imports into china. >> the bank of japan has left monetary policy unchanged as a government stimulus package is helping to brighten the outlook. the governor said cutting rates deeper in negative territory remains an option but the b.o.j. is paying attention to the side effects on banks. >> they kept all the key policy dials set at the same place. the key rate is just barely and the minus .1 yield control and the 10-year j.d.b.g. anchored at zero.

right now a big shift. the majority of economists in our bloomberg survey thinks the b.o.j.'s next move won't be adding more stimulus but starting to take away possibly in 2020. >> the b.o.e. decision, no surprise here, keeping the key interest rate at .3%. the vote is actually 7-2. they do see inflation slowing and do keep the bond purchases unchanged and do say it's too early to judge the impact of the election and trade wars. no big surprise there. >> this was pretty much as expected. i think the key will be to underline there is still uncertainty about the outlook for the economy even though we have that clear conservative, emphatic conservative victory in the election and even though we know now that brexit is going to happen, there's still uncertainties about what kind of brexit it is, and i think the most important one probably short term for the bank of england is we don't know what the policies of this government

are going to be, the fiscal policies in particular. >> boris johnson speaking in parliament. he announced an agenda for the u.k. after it separates from the european union. >> it's not just that the british people want their government to get brexit done, though they do, they want to move politics on and move the country on. >> his main message was that he's going to get his brexit agreement through parliament, move on to the trade talks which he wants to conclude by the end of 2020 and then he really wants us not to be saying the b-word in 2020 but wants to focus on his other agenda which is health care primarily but also crime, infrastructure, all of those things that are important to getting his new voters in the mid lands, to the north, these labor voters that moved to keep them on his side for the next election. >> the u.s. house of representatives voted to

impeach donald trump for abuse of power and for obstruction of justice in congress. this makes him only the third u.s. president to be sanctioned by lawmakers. the articles of impeachment will now be turned over to the senate for a trial where trump's acquittal in the republican controlled chamber is all but assured. >> in terms of the next steps, house speaker nancy pelosi telling reporters last evening she might actually wait a couple days to send the articles of impeachment to the senate. therefore, delaying the process of that senate trial. senate majority leader mitch mcconnell said he wants that trial scheduled by the end of the week. more than three dozen of the democrats who won districts that trump carried virtually all voted to impeach president trump with the exception of a handful. republicans feeling incredibly unified heading into this trial. and in contrast this is an incredibly divided time for congress. >> president trump is one step

closer to his new nafta agreement. one day after voting to impeach him, the house has passed the u.s.-mexico-canada free trade agreement, given that we aren't expecting a vote on the usmca this year. what is next for this deal? >> it will be going on to the senate in january when lawmakers return from the christmas holidays. it's really in no danger. it passed the house by an overwhelming majority with support from both parties, democrats in the senate and republicans as well have said they are ready to take it on. the problem will be that they will be occupied with the impeachment trial of president trump. once they begin that they cannot consider any other issues or legislation, so they'll be focused on that, so it probably will not be until late january, possibly even february before it actually gets passed. however, there's really no danger of any backsliding.

this has full support of the white house and the full support of both parties. >> the head of the financial conduct authority, andrew bailey, will succeed mark carney as governor of the central banks. before joining the ufca, he spent three years at the boa as chief governor and cashier. how will he handle post brexit transition? >> a couple things. e first is that we know that monitor policy, he is a bit of a blank check, if you'd like. he hasn't been on the monetary policy, we don't know his views about monetary policy. what we do know as you highlighted in your question is that bailey has a lot of experience on the regulatory side of the bank of england and the financial supervisory side of the bank ofening landed and will be really important as the u.k. transitions to some sort of brexit deal and some new relationship with the european union. i think that probably is giving

him the nod ahead of other candidates, that knowledge of that technical side that's put him ahead of the other candidates. >> still ahead as we review the week on "bloomberg best" an exclusive conversation with robert kaplan and three other investors see the risk approaching. and more of the week's top business headlines. hong kong's leader gets a vote of confidence from china's president even as protests keep the city on edge. >> carry lamb has not sponleded in a meaningful way yet continues to have the full support of beijing. >> this is bloomberg. ♪

kailey: this is "bloomberg best." i'm kayley lyons. let's begin our tour in business, finance and politics, europe's commitment to a green economy took a key step forward with lawmakers proving a groundbreaking set of groundbreaking regulations. >> the european union has agreed on a landmark green finance regulation. the deal will define what is green and what is not and could have implications for investors in all kinds of e.s.g. funds. what exactly is a green taxonomy and what is being talked about? >> it sounds very nerdy and technical but could be helpful and the european union agreed to set out the framework to

regulate sustainable investment. what is crucial is they want to set out the foundations to really define what is green and what is not and they want to do this in a way that could perhaps set a global benchmark for investment in the sustainable state. and the global impact is the european commission wants to get it done in 100 days and would be a key pillar to determine to define what is reen investment in europe. >> it ended half a decade of negative rates raising the benchmark to zero. >> it is possible for us to go to zero so this episode is over and it's a completely different conversation if you imagine a world where rates would stay negative for a very long period of time so the perception would be negative rates is something natural, the way things are supposed to be and now we don't have to deal with that and in

that respect it's comfortable to get the zero. >> china's economy showed signs of stabilizing and maintaining growth adding good news to the nation's outlook after a phase 1 trade deal was reached last week. industrial outlook and retail sales coming in better than expected, what's the takeaway? >> stronger on both fronts, those data points as forecast had expected and retail sales looking at 8% growth in november and industrial production 6.2% versus the forecast of 5%. fixed asset investment was essentially flat. what they're saying is some of the measures they enacted as tax cuts and support for the economy has started to play through, not to say there aren't still pressures on the economy whether diverging inflation or exports remain very weak as well. >> australia's midyear budget update shows economic reality starting to bear down on government finances. ministers lowered the forecast

budget surplus for the 12 months through next june and the following three fiscal years on reduced expectations of tax revenue over that period. growth is easing. is it time then to consider maybe walking back on this idea of having the budget back in the black and following the example of japan and new zealand and doing what the r.b.a. wants to see and that's a bit of fiscal stimulus? >> no. i mean, obviously we have delivered significant income tax relief that provided significant impact to the economy and if you look at the economic performance in the first 3/4 of the 2019 calendar year, they've been stronger than the last two quarters in the 2019 calendar year. we're headed in the right direction. our outlook is positive though we're impacted by what's happening in other parts of the world. >> president xi ping says hong kong faces the most grimace and

complicated situation since returning to chinese rule in 1977. he urged hong kong to come back to the right path, quote, unquote, as he hosted chief executive carry lamb in beijing. >> a difference after more than six months of unrest in the ty, carrie lamb has historic approval ratings in hong kong and the city we talked about a great deal last month had a cord turnout, 71% of the populous of the cities who do voted for d vote democracy candidates and shows the populist is still behind the movement and carrie lamb really has not responded in a meaningful way yet continues to have the full support of beijing. >> north korea says it has successfully conducted a, quote, crucial test at a long range launch site and boosted

its nuclear deterrent capabilities. what is the latest test from the north imply? >> the latest announcement was what it called a important or significant test. it was conducted on a satellite launching test site but we don't know exactly what sort of a test it was but by it announcing it constantly and through its propaganda channel, the essential news agency, it shows north korea is trying to apply more pressure on the u.s. in the price of north korea denuclearizing, apparently what the u.s. had to offer back in hanoi and vietnam when donald trump and kim jong-un met is not enough and has given the u.s. until year end to bring forth another alternative. >> the new york fed operation to inject cash into the financial system over the year end period was oversubscribed again. that's a signal participants are hungry for funding through the start of 2020. this is not a huge surprise and

we've seen to the case the last couple times. >> right now we've already done three operations for the end of the year, $25 billion apiece. those were all oversubscribed. i think the more boring thing would have been if it came in undersubscribed and the primary dealers took less of the $50 billion and would send a signal the balance sheets were getting full and the nonprimary dealers were having problems with the balance sheet in accommodating all the liquidity the fed was pumping into the system but they're not and it will be interesting to watch because we have a series of two-week repo operations that will span the year and we'll see if they continue to go and whether there will be more size adjustments. >> the top prosecutor in malaysia now says he's ready to ratchet up a criminal case gainst goldman sachs in the 1. d.

scandal and goldman is accused of ignoring red flags while billions were alluded and the prosecutor sounds frustrated. >> there have been rounds of negotiations but they've not otten any rare with a deal with goldman sachs. >> a investigation into 1 mdb, goldman could pay back $2 billion. >> they're having different channels with malaysia to solve the difference and they'd like to have a global settlement with the d.o.g. as well as malaysia and the sooner they get it done the better for them and there still seems to be a bit of a gap between what they're willing to pay malaysia and what they want and there isn't a lot of clarity when that will be resolved. >> the indian government has banned public purchase and shut down communications and the internet in some areas. this has angered the global

base citizenship and thousands defying that ban. what's the latest? >> yesterday was a big day we saw protests all over india. most were peaceful. there were incidents of violence that broke out. reports of maybe one or two deaths of gunshot wounds with police dis%ing protests in some areas but pretty much chaotic in bringing a sense of, you know, what's next in this whole movement. it erupted due to the citizenship law but there's still things on the agenda that could further inflame religious tensions in india in the month ahead including the construction of a hindu temple on a site that was razed decades ago where a mosque once stood. ♪

kailey: you're watching "bloomberg best." at the fed's final meeting chairman jerome powell said the central bank expects to hold rates steady through 2020, no cuts, no hypes. the fed president spoke with kathleen hayes in new york this week. kaplan said he sees no rates to move next year and will take a major shift in the outlook to convince him otherwise. >> best to an material change in the outlook either for better or for worse. i've already got baked into my outlook we're going to have weak manufacturing next year, sluggish global growth, pretty sluggish business investment but with a strong consumer. there would have to be some material change from that

outlook. >> which way are the risks in your mind? >> it's fairly balanced at the moment for a number of reasons. i'm hoping we'll get some stabilization in trade. i think the moves the fed has made have also been helpful. and i'd say the risks are balanced. >> if you see the risks tilting towards the upside and a possible need for a rate hike, would that be hard to do in an election year? would you consider that ill-advised, something the fed will try to avoid? >> it will not be a factor in my thinking in that i'm going to, as usual, divorce political considerations, political influences. i think we'll try to make the best decision we can in light of the circumstances and use our best judgment. >> you repeated this morning, as you've said for a while, you expect 2% growth next year. >> yeah. >> that hasn't changed, 3.5% on employment. it sounds to me like you don't expect the passage of the phase 1 trade deal to have much

impact on the economy, certainly not out of the gate. >> yeah, probably -- that's probably correct. i'd been hoping there would be some trade stabilization generally. this is part of that. that's not to say, and you heard me say it before, i think the trade issues with china are going to go on for years, not months but years. i think most businesses are adjusted to that. these issues of intellectual property, technology transfer and the much deeper issue with china are going to be going on for a long time and so phase 1 is better than not having phase 1 but it doesn't mean there won't still be trade uncertainty. kailey: coming up on "bloomberg best" more of the week's top business stories including a major merger in europe's auto sector and another setback for boeing's 737 max. plus forward-looking conversations with some of the world's most respected investors. henry drunkenmiller said he's come around to embracing risk

again, only for the moment. >> it's something to have a constructive view on the market's risk and economy. kailey: this is bloomberg. ♪ what are you doing back there, junior?

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>> welcome back to bloomberg best. 2019 is almost in the books and this week some of wall street's most influential investors joined bloomberg discussion. david hunt is c.e.o., a firm that overseas over a trillion dollars in assets. in an exclusive interview, he said he thinks the long term investors should be cautious going into 2020. >> you could kind of hear the collective sigh of relief, i would say, over the last week's events. you had more certainty that we're on a path to a

reasonable brexit. you had the new phase one trade talks with china. you had the new nafta and a very calming statement from the fed but, like many statements that seem true on the surface this one has a lot of dangers because for the most part none of these tensions are going away any time soon. we're just starting on the brexit journey on how the new trade deals will work out. we're just starting on the negotiations with china about the real issues. we're just starting on a year of probably increased volatility as we head into the election here so while certainly a little collective sigh of relief is understandable, i think that people will rapidly in 2020

see that the uncertainty has not gone away at all. >> you sound cautious. >> we are cautious and i think we're particularly cautious when you take a longer term view. so, in the last decade, the s&p has returned actually 13% compounded annually. and actually a balanced portfolio has returned about eight. that would put it at the fifth best decade since 1880. so we've had a really good 10 years. and so you have to kind of pivot forward and say what's a reasonable expectation for the next decade? >> here's the thing. forecasters have been warning for a while already that returns are going to be lower. >> but they haven't been. what is it going to take, david, for the prudent investor to be rewarded? >> that's absolutely true. and if you take year-over-year returns, people have been expecting growth to be lower, people have been worried about

trade and yet the stock market has continued to come in. >> the high yield market? >> it's broad, right? if you take the next decade view, here there the head winds you're looking at. first of all, you have lower growth that coming in, also in the developing world. i can talk more about that. you have low rates which we believe are here to stay. that's not a temporary phenomenon, and third, you really do have too much money that's piled into a lot of higher yieldings assets, particularly private assets, which we believe will start to sow the seeds of the next downturn. >> another perspective on 2020 game from the c.e.o. of marathon asset management. he discussed his outlook for the u.s. and europe in an exclusive conversation. >> i think the u.s. economy now is going to have a spurt upwards in growth compared to what was just expected a couple of months ago. number one, fed did lower

the rate by 75 basis points and that's beneficial, but even more important to that is these trade wars have now become -- have now been settled so the u.s. and china, mexico and canada, and that's clarification for the market, brexit now and the referendum that boris johnson has in the uk, is all highly beneficial to global growth so i think the growth trend is firmly in place for 2020. so i don't think it's going to be a growth recession. i think it's going to be an earnings recession, so we're starting to see a negative quarter, past quarter of earnings growth being negative and we'll see a couple more quarters of that in the early part of 2020, and when earnings go down, that's going to be a very key point for some of these companies that are so overleveraged when they have lower earnings and meanwhile have to service a heavy load of debt. >> right now, there is a new leader, an owl.

what does it mean for europe? >> i think there will be significant change on christine. she doesn't want to be known as a dove. she wants to be known as a hawk. if you're going to force yourself to go dove or hawk, think more hawk but she's not going to be a hawk. i think this is what's going to happen. it will be a huge change for the marketplace and the marketplace is not pricing -- the market has not discussed this at all. i think when the previous leader left on october 31, he locked in lower rates yet again for a six-month period of time. which takes us through march 31. he also embarked upon another quantitative easing program to get more and more governments rates even

further. that's crushing the european banks. over the last five years, the european banks are down 25%. if you look at the sx s&p, you can look at that index or compare that with the u.s. banks and say the xbe index, that's up about 45% to 50% in the same time period. so european banks are being punished because every day they have to deposit their excess reserves at the ecb and pay the ecb money losing money. to the tune of several billion dollars a year every year. >> which has been the case for a long time. >> so she recognizes this. and she's going to normalize rates next year. she'll take rates from negative to zero. and with that you will see the german bond go from negative 25 basis points which traded at a crazy negative 75 basis points, you'll see that trade at maybe a positive 25 basis

points, and so the big story here is, buy european banks. they are underpriced, on a price to book vowel basis, on an earnings basis and the earnings will be increasing as they don't have to pay away negative rates to the central bank which is complete insanity. >> here's a perspective from a billionaire. widely considered to be among the best hedge-fund managers of his generation. the man renowned for making bid aggressive bets said he misread the markets a year ago and pulled back from risk. he explained why he's bullish now in this exclusive interview. >> you have very low unemployment here. you have fiscal stimulus in japan. you have fiscal stimulus coming to britain. we were running a trillion dollar deficit. apparently we're going to have some sort of green stimulus in europe, and we have negative real rates everywhere and negative absolute rates in a lot of places. so with that kind of unprecedented monetary stimulus relative to the circumstances, it's hard to have anything other than a constructive view on the market risk for the intermediate term so that's what i have.

>> because everywhere you turn you're being encouraged to take more? >> i don't need to take more, i have enough. but i just -- i've always believed that expansions end with tight monetary policy or credit problems, and i think what we're doing is definitely borrowing from the future and we'll probably end badly as the 07 period did, but, you know that could be years. i'm 66. i might be dead by the time it happens. so the intermediate term, technicals are good. the economy is fine. if anything, our biggest problem going in once the fed shifted away from their qt and tightening program, our biggest problem was

obviously global trade, and wars over global trade, i'm not saying everything is all peaches and roses now, but certainly on a rate to change basis, i don't see that being, if anything, there is a de-escalation, not an escalation there. so for now, all systems go. ♪ >> let's resume our round up

>> let's resume our round up of the week's top business stories with a blockbuster combination of auto companies in europe. >> psa and fiat chrysler have agreed to combine in a deal that will create the world's fourth biggest automaker by sales. they signed a binding accord for a 50-50 merger of their businesses.

how much is this building on the strategy of the late sergio and how important was to it get this done? >> it's really an unfortunate day. the argument for consolidation are there, especially now that we're seeing a transformation in the industry with new technologies, with new electric and self-driving cars. expertise in new electric platform. they already develop and ready to use. fiat is bringing it to the american market, these iconic brands. >> international -- has reached an agreement to buy dupont's nutrition division the u.s. company beat out

ireland's group to expand in the fast growing food ingredients business. tell us about the price. would it have bn cheaper if -- had not been trying to get into there as well? >> potentially cheaper. the structure is what's interesting. we understand the carey group is looking at the same structure, ended up with du pont owning 55% and iff owning 45% and the cash payment of $7.3 billion. one off. yes, potentially it drove up the price a bit but at the same time they had to do the deal. >> boeing is to halt production of the 737 max next month. it deepens the crisis. it will complicate its future. how embarrassing is it that boeing has had to halt production? >> well, they were facing a

number of fairly unappetizing options. one was, do we keep building this plane at a big cost but we're not making money off of it. building a plane cost a lot of money. if you're not selling them that cause as huge problem in terms of cash flow, or do we stop production right now, stop the bleeding, as it were, but then see how and when we can get the plane back in the air. now after this board meeting the company has decided this is the least disruptive option, but it will be disruptive going forward no doubt. the question is, when will these planes be sold to customers? how long might they languish in storage? a lot of unresolved questions for the company and we still don't have a date or even a window of when this plane might be freed up again by regulators, so a lot of unanswered questions there. >> airbus is grappling with a very different problem.

airbus needs to lift deliveries by 75% this month from heaven for airbus. but it isn't because of these delays that they are seeing with the a-320. the heart of the issue is that is highly customizable plane. what they are doing is having to move around things inside the planes, things like toilets, emergency exits, to customize them for the various orders. just the way they have got the manufacturing set up, only one main line for doing this, is the result of these delays. >> china has threatened retaliation if germany excludes huawei as a supplier of 5-g telephone equipment. beijing's ambassador to germany said "there will be

consequences in the event of a ban." they also cited the millions of vehicles german carmakers sell in china. >> german lawmakers and the chancellor have been trying to make their security rules concerning 5-g for months. it will spill into next year and what you have, on one side, chancellor merkel and the ministry and the industry that are much more open to chinese involvement with huawei. on the other side, intelligence agencies and security types who have really warned that huawei

could pose a danger. so these comments by the chinese ambassador here kind of put it right out in the open that there will be consequences from beijing's perspective if germany goes ahead and poses a full ban on huawei when it comes to its 5-g network. >> final stretch of holiday shopping season and shipping deadlines loom but amazon is blocking its third party sellers from using fedex for quick prime shipments. >> you have a big fat vote of no confidence on fedex from amazon as we enter the critical holiday shopping period. these are the days when people decide, you know, am i going to buy this thing online and hope it gets here in time for christmas or not? and amazon has really, you know, increased the amount of time people, narrow the amount of time that people are willing to you know, make that call, you know. rub right up against almost christmas day. so amazon is saying fedex cannot deliver its pledge for prime delivery, which is usually one or two days. >> fedex is in a bit of a funk. the company suffered another blow yesterday when it

missed earnings estimate. it's cut its profit forecast blaming weak international demand. what can they do to get back on track? >> amazon was a big factor although fedex itself is claiming it only affect add small part of their business. the main problem is the slow adjustment to the boom in e-commerce. for fedex, delivering to business is much more profitable than delivering packages to homes. their seven-day delivery schedule turned out to be much more costly than fedex expected so they are seeing 2020 as a transition year but analysts have been shocked by the latest results. >> shares of micron rising in pre-market. the chipmaker reporting better than expected top an bottom line numbers for the fiscal first quarter and forecast strong numbers for the current quarter.

>> give us the numbers and what it means for the semis, in the midst of these record rallies? >> you have to imagine we'll see the chip stocks move higher. the number, $4.8 billion in revenue beat analyst expectations but it wasn't just the numbers that were remarkable. it was the commentary from micron saying the slow in demand had finally bottomed and it was all up from here. >> taking most points off the stock 600 this morning and that's after it lowered its sales growth outlook. the company cited challenges in the quarter and some markets including the economic slowdown in south asia. you get punish when you cut your sales outlook? >> you're seeing the new c.e.o., who took over at the start of this year. he's backing away from his predecessor's growth targets. in the release this morning they cite west africa, north america, they previously in the last quarter cited slow t sales across much of the developing world. cited slow ice cream sales in europe because the summer

wasn't hot enough. that doesn't leave a whole lot of other markets where things are going well. so that's the problem here. >> wework has a fundraising drive led by goldman sachs. bloomberg learns the deal would free up roughly $800 million in cash for the struggling office sharing start-up. how soon could wework's see this capital? >> wework's has access to it as of next month which is january. as we discussed in the story, $1.75 billion is part of a bigger $5 billion finance package that they have agreed is part of the bail-out and the other $3.3 billion will come in 2020. >> ubs plans to restructure the unit that serves as the bank's top billionaire clients. this is first sweeping change. what exactly have we learned today?

>> uba is planning to restructure. they are planning to dismantle the same structure. it will ruffle some feathers in zurich and a reduction in management layers. >> taiwan's mission to retake the global tech supply chain aid mid the trade war looks like it's paying off for investors. stocks in taiwan closed over the 12,000 mark for the first time since 1990. >> how sustainable are these gains? >> the broad consensus among strategists is that they can be sustained. and that things are hooking pretty good for taiwanese stocks into next year. even as the global industrial sector kind of limps along, taiwan has really done a great job inserting itself deeper into the global supply chain and pulling manufacturing from some of its competitors. it's the next wave of the electronics cycle with 5-g.

seems to be benefiting taiwan in particular. there are forecasts from banks including j.p. morgan, that suggest record highs, all-time record highs in taiwan next year for the first time in a generation. essentially. ♪

>> i clicked in here to the bi market share chart. i think it's interesting to look at this because orange is the biggest, gray is just all others. but then in green you can see renault. if fiat had combined renault nissan, it would have

leapfrogged everybody else. >> there are about 30,000 functions on bloomberg and we always enjoy showing you our favorites. maybe they will become your favorites. here's another function you may find useful -- quic got. it will lead to you quick takes where you can get fast insight into timely topics. here's a quick take from this week. >> air pollution has become such a menace that head of the world health organization calls at this time new tobacco. according to the who outdoor air pollution kills 4.2 million people per year. the economic toll is also rising, with billions of dollars spent on medical care and missed work. some countries are fighting back. take china, where social media outcry in 2013 pushed authorities to tighten environmental regulations. scrap some polluting power plants and switch millions of homes and businesses from coal to natural gas.

the world's emitters of gas is investing in green energy spending over a hundred billion dollars in 2018 albeit still building plants that burn coal. in 2013 beijing experienced air categorized by w.h.o. has unhealthy on the majority of days. five years on, the share fell to less than a quarter. india, which is home to seven of the world's 10 most polluted cities, can only dream of such improvements. industrial and vehicle emissions combine with the illegal burning of farm stubble to shroud such cities as new delhi in hazardous smog unlike in china where a powerful central government can enforce rapid change, india's complicated blend of local and national government agendas has blunted efforts to clean the air.

in developed nations, fumes from diesel vehicles are an increasing concern, particularly as recent studies link them to infant mortality and heart disease. european capitals such as paris and madrid have banned some diesel vehicles. many cities are holding car-free days and public transport is slowly shifting to electric power. the fight against smog has also turned legal as a new generation of activists pushes governments to take action. giant leaps in sensor technologies which track air pollution in real-time can help pinpoint industries, companies, and countries that throughout rules, helping to build a solid case in court. following legal action by the environmental charity client earth the european court of justice issued final warnings to improve air pollution or face hefty fines, to the uk, france, germany, hungary, italy, and romania. >> that was just one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com along with all the latest business news and analysis 24 hours a day that. will be all for bloomberg's best this week. thanks for watching. this is bloomberg.

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♪ taylor: i am taylor riggs in for emily chang and this is the "best of bloomberg technology," where we bring you all of our top interviews from this week. chipmaker micron hits the highest price in 18 months after the company reports earnings. we will break down the numbers as semi-conductor optimism swells. holiday gifts on the brain, but how are they getting to grandma's house? we explore amazon's delivery